The "dollar-oil" system can be said to have built an iron wall for the United States in the world with hegemonism as the core. And just after the seven Middle East countries visited China and fired the first shot to end the dollar hegemony, the major decision on the African continent directly pushed the process of cracking down on the dollar hegemony to a climax.
At present, the 25-year long-term strategic cooperation agreement between China and Iran has entered the implementation stage, and from the publicly disclosed information, the six Gulf countries and Iran have expressed their hope to reach the issue of currency swap settlement with the Chinese side during their visit to China. Judging from China's deepening cooperation with Middle Eastern countries, including oil trade, infrastructure and other fields, it can be said that it is only a matter of time before the "dollar-oil" system is completely dismantled, and the disintegration of dollar hegemony is precisely the situation that Americans are most afraid of seeing.
Just as China continues to penetrate deeper into the Middle East and increase its regional influence, the African continent has sent great gifts to China. On January 13, the Secretariat of the African Continental Free Trade Area, together with the Export-Import Bank of Africa and other institutions, officially released the "Pan-African Payment and Settlement System". It is reported that the "Pan-African Payment and Settlement System" will cover the entire African continent and support African countries to use their local currencies to settle transactions on the African continent, thereby reducing transaction losses caused by the rise and fall of the US dollar exchange rate. At present, ghana, Nigeria, the Gambia, Libya, Guinea and Sierra Leone have successfully piloted the "pan-African payment settlement system".
The "pan-African payment and settlement system" seems to be not directly related to the fight against the hegemony of the US dollar, but it is not. Because, with the acceleration of China-Africa comprehensive trade cooperation, most countries in the African region have formed strategic partnerships with China. There is no denying that China has become an investor, supplier and infrastructure project operator on the African continent. In addition, under the framework of the "Pan-African Payment and Settlement System", China is actively promoting local currency swap agreements with African countries. In this way, in the African region, the use of the renminbi is bound to increase further, and the hegemonic status of the US dollar as a trading currency will be further weakened, which is tantamount to pushing the process of ending the hegemony of the US dollar to a climax.
At the same time, the "pan-African payment and settlement system" on the African continent also provides a very good idea for the Asian region. If we can emulate the "pan-African payment and settlement system" to create an Asian version of the "local currency settlement system", in the context of China has become the largest trading partner of 132 countries and regions around the world, the renminbi is also expected to become the "pan-Asian settlement system" in the "pan-Asian settlement system". But there is some resistance to a united anti-dollar hegemonic system in Asia, at least not in the way of Japan and South Korea.
However, the "pan-African payment and settlement system" suddenly released by the African continent has to be said that it has curbed the throat of the dollar hegemony in the African region, making the dollar powerless on the African continent. And the next thing China has to do is to build the backbone of the anti-dollar hegemony in the wider region. It can be said that the dollar hegemony will not be just an empty phrase once it is gone.